Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare Cash A/c, Bank A/c, Purchases A/c, Sales A/c and Capital A/c. and balance the same in the books of Madanlal. 2019 Aug. 1 Started
Prepare Cash A/c, Bank A/c, Purchases A/c, Sales A/c and Capital A/c. and balance the same in the books of Madanlal. 2019 Aug. 1 Started business with bank balance 40,000. Purchased goods from Aseem worth 2 3 4 5 6 7 8 9 10 19 27 15,000 less 10% Trade Discount. Sold goods to Arun for 8,000 for cash. Paid Rent 3,000 and Electricity bill 500. Purchased 100 Shares of Perfect Technologies for 55 per share and paid Brokerage *250 by transfer through netbanking. Withdrawal of goods for personal use 500. Sold goods for cash 5,000 less 10% Cash Discount. Deposited cash into Bank 2,000. Paid 3,000 for daughter\'s tuition fees by Debit Card. Purchased a Table for 2,000. Received 1,500 by selling the scrap. Paid cash into bank in excess of 2,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
1 Journal Entries Lets first list the transactions in journal entry format Aug01 Bank Ac Dr 40000 To ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started